Australia's finance watchdog has given the go-ahead to a bitcoin fund aimed at retail investors.

The first such fund in the country, the bitcoin offering is being launched by micro-investment app provider Raiz Invest Australia, reports The Australian Financial Review.

The Raiz app allows users to invest the small change left over from everyday purchases in exchange-traded funds quoted on the Australian Securities Exchange (ASX). Once live (expected sometime in H1 2020), the bitcoin option will still see the bulk of user funds go to ETFs, but 5 percent will be allocated to the cryptocurrency, according to the report.

Raiz was granted relief to operate the fund from the Australian Securities and Investments Commission, which also has oversight over the crypto industry in the country.

The Raiz app is said to have had over 600,000 users and revenue of over A$3 million (US$2.06 million) in 2019, according to Wikipedia.

ASX-listed DigitalX also offers a bitcoin fund in Australia, however, that's aimed at professional investors. The firm seeded the fund with half its bitcoin holdings, DigitalX announced at the launch in November 2019.